Bank owned ? (by Rick [IN]) Mar 25, 2023 7:18 AM|
Bank owned ? (by myob [GA]) Mar 25, 2023 7:51 AM
Bank owned ? (by Ken [NY]) Mar 25, 2023 9:19 AM
Bank owned ? (by zero [IN]) Mar 25, 2023 9:42 AM
Bank owned ? (by Deanna [TX]) Mar 25, 2023 11:18 AM
Bank owned ? (by DJ [VA]) Mar 25, 2023 9:12 PM
Bank owned ? (by Phil [OR]) Mar 26, 2023 1:57 PM
Bank owned ? (by tryan [MA]) Mar 28, 2023 9:07 AM
Bank owned ? (by Ray-N-Pa [PA]) Mar 29, 2023 7:00 PM
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Bank owned ? (by Rick [IN]) Posted on: Mar 25, 2023 7:18 AM
For those of you who have purchased bank owned properties, any pearls of wisdom?
Bank owned ? (by myob [GA]) Posted on: Mar 25, 2023 7:51 AM
I still get a shock when I see some posts. --108.239.xx.xx
Bank owned ? (by Ken [NY]) Posted on: Mar 25, 2023 9:19 AM
I buy at foreclosure auctions regularly and REOs occasionally. The most important thing is to buy an owners title policy.Read it and make sure it doesnt accept anything out. Also dealing with banks they are not emotionally involved so realize it is simply numbers to them,if you offer enough they will take it,if you dont they wont.Also cash is king and no inspections is important if you are comfortable with that.Generally power and gas is off so you wont be able to see furnaces run etc --74.77.xx.xx
Bank owned ? (by zero [IN]) Posted on: Mar 25, 2023 9:42 AM
I used to love buying bank owned properties. The bank isn't in the business of owning the property, they want the loan.
Used to get some great deals. Seems that now they don't want to play. Shame really as some fine houses just sit and become vandalized because the bank wants an extra 10k.
Was bidding on one semi-local on Auction com. I drive by the house a lot. Not a great neighborhood. House is meh. It has been on the auction block six times so far. I keep offering below the minimum. They dropped the min once but not enough for me.
My credit union gets houses back on occasion. They always try and sell them at or above retail tho, so I don't do anything with them regarding repos. --107.147.xx.xxx
Bank owned ? (by Deanna [TX]) Posted on: Mar 25, 2023 11:18 AM
Tax foreclosures have always been more successful for me than bank foreclosures because there's so much disconnect from the banks, vs the indifference of the govt.
The times that I've tried to buy bank foreclosures, if it's been a big, national bank, they try to sell it at big, urban prices--- even in the middle of nowhere. It takes at least two or three years of nothing happening before they're willing to budge.
If it's been a small, local bank, even if it's just ten minutes down the road--- they have no clue that they own it, and will argue with you, even when you tell them their sign with their contact information is posted to the door.
So-- if you're used to buying near-retail, and in an urban area, it might be good for volume sales. But if you're used to buying wholesale fixer-uppers in more rural areas, it's probably not the best pond in which to fish.
I've bought fifteen units (three units on one lot, two units on another lot, the remainders single units on single lots), plus four vacant lots at tax sale. I've only successfully bought one rental property at bank foreclosure, plus my primary residence. Nothing else was worth buying-- and the ones that were worth buying, their information wasn't organized enough to know they were even trying to sell. :P --137.118.xx.xxx
Bank owned ? (by DJ [VA]) Posted on: Mar 25, 2023 9:12 PM
I've bought several REOs over the years.
Like others have said, expect it to have been abandoned for some time before they finally figure out how much it's really worth.
If you plan to totally rehab it anyway, like I do, that's OK - as long a you get the price that allows the cost for all the work.
Not so many good deals as there used to be. They now will often put some lipstick on it & try to get full retail at first. (Banks thinking they are flippers)
I have experienced long delays waiting for all the different departments to sign off on the deal, then want me to submit more info "within 48 hours".
Other times it goes pretty quickly. You have to be flexible.
Cash is good, but don't bother to say you can close quickly - they can't. --68.229.xxx.xxx
Bank owned ? (by Phil [OR]) Posted on: Mar 26, 2023 1:57 PM
Bought quite a few starting in 2010- last purchase 2015.
No issues, other than one dealing with HOA. Pointed out that in the HOA agreement, if bankruptcy or foreclosure, the HOA is simply out of luck--new owner is not liable. --76.138.xxx.xxx
Bank owned ? (by tryan [MA]) Posted on: Mar 28, 2023 9:07 AM
Like others have said .... stick to your number. Had a HUD REO get bid up by youthful idiots only to have it come back to me (as a backup bidder) when they can't close.
Then there is the lofty "minimum" randomly set by the banker who has NEVER stepped foot in the place. I use LAND VALUE as my number. Get it from the tax card. --198.168.xx.xxx
Bank owned ? (by Ray-N-Pa [PA]) Posted on: Mar 29, 2023 7:00 PM
I can't speak to the Indiana market place, but they seem to be an endangered species around here. When they do make it - they are scooped up in hours.
Do I think a tidal wave of them will come crashing down on us any time soon? Well why would they? The government has done an incredible job throwing money at EDIL, PPP, and CARES, why wouldn't they just pay a bank to clear them off the books? --24.101.xxx.xxx
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